Tapir Holdings, a British Virgin Islands investment company listed on the Bermuda Stock Exchange, has reported a significant profit of $116.3 million for 2024, thanks to a lucrative deal in Africa.

According to its newly released audited financial statements, the gain came from Tapir’s acquisition of a 10 per cent stake in Rendeavour Holding Ltd, one of Africa’s largest urban development companies. The deal, completed last year, gave Tapir a foothold in a firm that controls more than 30,000 acres of land in fast-growing cities such as Nairobi, Accra and Lagos.

Tapir said it acquired the shares at a 57.5 per cent discount to Rendeavour’s net asset value, meaning it paid significantly less than what the shares were worth on paper — a move that boosted the former’s bottom line.

As of December 31, Tapir held $212 million inassets and no debt. Its largest shareholder is Michael Ashcroft, who controls 76 per cent of the company.

The company’s shares trade on the BSX and it is directed by Lord Ashcroft, Frank Mosier, Melquisedec Flores and Philip Osborne.

The audit, conducted by Crowe Belize LLP, was approved on May 6.